SAND CREEK TELEPHONE COMPANY
                           Sand Creek, Michigan

                     Computation of Earnings Per Share
            For the Year Ended December 31, 1994, 1993 and 1992

"Earnings per share" were calculated by dividing net income by
the weighted average number of shares outstanding determined as
follows:


                            1994           1993           1992   

Shares outstanding
  each month:
    December             41,671 2/3     40,646 2/3     40,578 2/3
    January              40,648 1/3     40,476 2/3     40,578 2/3
    February             40,648 1/3     40,256 2/3     40,578 2/3
    March                40,748 1/3     40,256 2/3     40,578 2/3
    April                41,463 1/3     40,156 2/3     40,578 2/3
    May                  41,463 1/3     40,156 2/3     40,468 2/3
    June                 41,343 1/3     41,019 2/3     41,218 2/3
    July                 41,143 1/3     41,019 2/3     41,218 2/3
    August               41,543 1/3     41,019 2/3     40,218 2/3
    September            41,743 1/3     41,019 2/3     40,218 2/3
    October              41,743 1/3     41,019 2/3     40,218 2/3
    November             41,743 1/3     41,019 2/3     39,718 2/3
    December             41,743 1/3     41,671 2/3     40,646 2/3

                        537,646 2/3    529,739 2/3    526,820 2/3
                                 13             13             13

Weighted average
  shares outstanding         41,357         40,749         40,525

Divided into
  net income                354,758        380,587        206,019

   Earnings per share  $       8.58   $       9.34    $      5.08